On the night of November 6, the world gold price dropped to 82.2 USD/ounce, breaking through the threshold of 2,700 USD/ounce after Mr. Donald Trump was elected US President.
World gold price chart drops sharply
World gold price drops sharply
At 6:30 p.m., the world gold price was at 2,718.7 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 83.48 million VND/tael.
Gold prices plummeted due to the strong increase of the USD and many investors took profits in gold to avoid risks right after the election. The reason is that in the last 5 US presidential elections, the world gold price always increased by 40-50 USD/ounce on election day and then decreased sharply.
Expert Tran Duy Phuong said gold prices always decline after election results and this time is no exception.
However, Mr. Trump's policy of low interest rates will put pressure on the US Federal Reserve (Fed) to cut interest rates quickly. That is also a catalyst for gold prices to increase again later.
Gold and cryptocurrency prices have increased sharply in recent times, reflecting investors' expectations about the election results.
The US dollar also rose as money flowed to this safe-haven asset, while many other currencies such as the Japanese yen and the Chinese yuan fell.
Bitcoin rose to a record $75,300 this morning and eased slightly to $74,195 this evening.
Many other cryptocurrencies also increased sharply. For example, ether increased by 7.95% to 2,632 USD.
Domestic gold prices remain high
Meanwhile, the price of SJC gold bars today remains at 89 million VND/tael. The buying price is at 87 million VND/tael.
The selling price of 9999 gold rings at SJC Company is 88.9 million VND/tael, buying price is 87 million VND/tael.
At Bao Tin Minh Chau Company, the selling price of gold rings is 88.43 million VND/tael, buying price is 87.33 million VND/tael.
Similarly, DOJI Company also reduced the selling price of 9999 gold rings to 88.4 million VND/tael, and bought at 87.3 million VND/tael.
Compared to the converted world gold price, the domestic gold price is 5.52 million VND/tael higher. Meanwhile, the ring gold price is 5.42 million VND/tael higher than the converted world gold price.
Please read the updated domestic gold price developments HERE.
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